Indian Overseas Bank News

Nifty PSU Bank index dips below 200-DMA after more than 2 years; what next?

The PSU Bank index had zoomed 200% to a high of 8,053 after breaking above its 200-DMA in July 2022. At present, most PSU Bank stocks, barring SBI, are trading below this long-term moving average.

Nifty PSU Bank index surges 3%; PNB soars 7% on strong Q1 results

PSU Banks in focus post Q1 earnings: PNB, BoI, BoB, Uco Bank and IOB rallied over 3% each. SBI, Canara Bank, Union Bank of India, Indian Bank and Central Bank were up 2-3%.

Indian Overseas Bank Q1 results: Net profit rises 26.6% to Rs 633 crore

Public sector Indian Overseas Bank on Monday reported a 26.60 per cent rise in its net profits for the April-June 2024 quarter at Rs 633 crore. The city-headquartered bank had registered a net profit of Rs 500 crore during the corresponding quarter of last year. Total income during the quarter under review grew to Rs 7,568 crore up by 21.54 per cent from Rs 6,227 crore registered in the same quarter of last year. Total business of the bank during the quarter under review grew by 16.04 per cent to Rs 5,28,773 crore from Rs 4,55,664 crore registered in the same period of last year. For the quarter ending June 30, 2024 the Net Interest Margin stood at 3.06 per cent while the Provision Coverage Ratio improved to 96.96 per cent registering an improvement of 293 basis points. The Non-Interest Income grew by 28.64 per cent year-on-year to Rs 1,033 crore in Q1FY'25 as against Rs 803 crore registered in Q1 of last financial year. The interest income grew by 20.48 per cent year-on-year to

IOB, UCO Bank likely to raise funds through QIP route next month

Another public sector bank, Punjab & Sind Bank, is planning to raise Rs 2,000 crore this year. The government holds 98.25 per cent in the state-owned bank

RVNL surpasses BPCL, PNB in market cap ranking; stock zooms 54% in 1 week

At 11:50 am; with Rs 1.33 trillion market cap, RVNL was trading 4.5% higher at Rs 638.25 on the BSE, while, BPCL and PNB's market cap stood at nearly Rs 1.32 trillion, data shows.

Public sector banks on a roll: IOB, Central Bank zoom up to 9% on July 9

PSB shares: The Nifty PSU Bank index was trading as the top sectoral gainer on the NSE

Indian Overseas Bank sets up dedicated branch to serve budding startups

Public sector Indian Overseas Bank has set up an exclusive branch to serve startups and budding entrepreneurs in the city. The branch inaugurated by top officials on Thursday would offer a suite of financial products and services. Indian Overseas Bank has planned to open five more startup branches nationwide. Marking the inaugural of the Startup Exclusive Branch, the city-headquartered bank launched 'IOB Startup Current Account' and credit scheme 'IOB Pragati' for financing startups. "Start-ups are the cornerstone of innovation and job creation in our economy. By establishing this dedicated branch, IOB aims to remove financial obstacles and empower entrepreneurs to bring their visions to fruition," the bank's Managing Director and CEO Ajay Kumar Srivastava said. "The launch of this startup branch is a significant milestone in our journey to support the growth of the startup ecosystem," he said. The startup exclusive branch has entered into a memorandum of understanding with severa

Nifty PSU Bank index zooms 9%; SBI, Central Bank, BOB rally up to 12%

India's banking system continues to ride the good economic growth momentum, well supported by recent structural improvements in the system.

PSBs extend rally on RBI's bonanza to central Govt; IOB, PSB rally upto 10%

PSU bank stocks news: The Indian banking industry has been on an upward trajectory aided by strong economic growth, rising disposable incomes, increasing consumerism and easier access to credit

Indian Overseas Bank aims to open 88 new branches in FY2024-25, says CEO

Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The city-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry. Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday. He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas. Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

PSBs on a roll after RBI doles out Rs 2 trn dividend to govt; index up 2%

At 10:30 am; Nifty PSU Bank index, the top gainer among sectoral indices, was up 2.5%, as compared to 0.42% rise in the Nifty 50, while Nifty Bank and Nifty Private Bank index are up 1%

Indian Overseas Bank Q4 results: Net profit rises 24% to Rs 808 crore

The operating expenses of IOB increased in the quarter under review to Rs 3,281.38 crore, compared to Rs 1,826.58 crore, owing to higher employee-related expenses

Indian Overseas Bank clocks Q4 consolidated PAT of Rs 810.42 cr

Public sector Indian Overseas Bank on Thursday reported a consolidated net profit of Rs 810.42 crore. The city-headquartered bank had recorded a consolidated profit of Rs 655.63 crore during the corresponding quarter of last year. For the year ending March 31, 2024 the consolidated net profit grew to Rs 2,665.66 crore from Rs 2,103.99 crore a year ago. The consolidated total income during the quarter under review went up to Rs 9,112.67 crore from Rs 6,630.57 crore in the same quarter last year. For the year ending March 31, 2024 the consolidated total income soared to Rs 29,730.97 crore as compared to Rs 23,523.42 crore in the same period last financial year.

IOB adopts multi-pronged approach to ensure recovery from NPA accounts

Public sector Indian Overseas Bank has made concerted efforts for a reduction in Non-Performing Accounts and has adopted a multi-pronged approach to ensure a maximum recovery from such accounts. The measures taken by the city-headquartered bank have yielded a decline in Gross NPA to 3.90 per cent as of December 31, 2023, from 11.69 per cent recorded as of March 31, 2021, the bank said in a statement here. To sustain and bolster this momentum, the bank has published a sale notification that pertains to the sale of 92 NPA loans, aggregating to an outstanding due of Rs 13,471.68 crore. "Indian Overseas Bank in its concerted efforts towards reduction of NPA has embraced a multi-pronged approach to ensure maximum recovery in NPA accounts. IOB has diligently implemented timely recovery measures including Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) actions, Compromise Settlement Schemes, and sale to Asset Reconstruction Companies,"

PSU bank stocks rally on earnings hope; SBI at new high, Canara Bank up 3%

The Nifty PSU Bank index was the top sectoral gainer, up over 2 per cent in an otherwise range-bound market on Thursday.